Legal Question in Employment Law in Texas
I've been employed with my current employer for 6 years, and am being permanently laid off tomorrow due to the closing of the facility.
I have invested about $20,000 into the employee retirement account, but being that I do not have the required number of years to be vested, I am forced to withdraw this amount and walk away from the $40,000 of matching funds put up by my employer.
Because the facility is closing, I am able to draw Texas unemployment, but was wondering how the one time pay out of my portion of the retirement fund will effect my filing for unemployment.
2 Answers from Attorneys
If the plan is being terminated the employer may have to force vest you in the matching funds. I would not automatically assume that you will lose that match.
You may be better served rolling over whatever amount you end up receiving from the plan to an IRA or other tax-advantaged retirement account now and taking distributions down the road as you need it.
the benefits do not affect right tounemployment benefits..but hopefully you will find a better job..
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